Economy

India Inc to dole out 10.8% salary hike in 2016: Report

Indian employers are expected to shell out an average salary hike of 10.8 per cent to their staff in 2016 despite being less upbeat on the business outlook, but the inflation will end up eroding much of the increments, says a Towers Watson report. According to the Towers Watson 2015-16 Asia-Pacific Salary Budget Planning Report, “India is expected to see ... Read More »

India among worst in corporate fraud, shows survey

India has one of the highest percentages of companies where fraud, in particular corruption and bribery, was detected, according to a new survey of large local and multinational companies across industries worldwide. Conducted by the Economist Intelligence Unit and commissioned by New York-based risk consultancy firm Kroll Inc., the survey asked around 770 senior executives if they had discovered any ... Read More »

Banks need to pass on RBI rate cuts to move growth to next gear

The central bank’s monetary policy review on Tuesday made it clear that there is no room to cut rates further, given the current set of data. The focus clearly moves to the transmission of the 125 basis points (bps) repo rate cut to lending rates, which have come down by less than half. A basis point is 0.01%. What is ... Read More »

India business confidence at lowest since Feb 2014: MNI Indicators

The busy festival season failed to bring cheer to India’s largest companies in November, as business sentiment fell to the lowest level since February 2014, with companies also seeing little chance of a revival over the coming months, according to research firm MNI Indicators. The MNI India Business Sentiment Indicator, a gauge of sentiment among BSE-listed companies, fell to 60.9 ... Read More »

Finance Ministry okays 2% fee on metro air routes for regional fund

The Ministry of Finance has given its nod for levying a two per cent fee on air tickets on metro routes and setting up a regional connectivity fund (RCF) to subsidise air travel between identified non-metro destinations. The FinMin has also consented to waive central excise duty on jet fuel and service tax on tickets on regional routes to cap ... Read More »

FM Arun Jaitley to talk to Congress on GST

On the eve of the winter session, Prime Minister Narendra Modi on Wednesday reached out to opposition parties seeking their support to run Parliament smoothly, informing them in a rare move that he has asked the environment minister to brief them about what India’s stand is going to be at Paris climate change summit and that finance minister Arun Jaitley ... Read More »

Lodha Developers sells triplex apartment on Mumbai’s Altamount Road for Rs 150 cr

Mumbai-based Lodha Developers has sold a triplex apartment at its super-luxury premises on Altamount Road, in tony SoBo, for Rs 150 crore. The deal makes for among the largest transacted in recent times, several people with knowledge of the development told FE, adding that the triplex is built across 15,000 square feet of carpet area. A spokesperson from Lodha confirmed the ... Read More »

Neelachal Ispat Nigam goes for 5/25 to avoid becoming an NPA

Neelachal Ispat Nigam has asked banks to refinance close to Rs 1,000 crore of loans relating to its steel plant at Kalinganagar, Odisha, under the Reserve Bank of India’s 5/25 scheme, lenders aware of the development told FE. The company is promoted by MMTC and Industrial Promotion and Investment Corporation of Orissa (IPICOL). A senior banker confirmed the company has ... Read More »

Call drop situation improving in Delhi: Telecom minister Ravi Shankar Prasad

Incidence of call drops has come down in Delhi between July and October, but telecom companies still have to work hard to meet the quality benchmark set for mobile services, telecom minister Ravi Shankar Prasad said on Wednesday. “I am happy with the improvement but telecom companies still need to work to make their network better,” Prasad told reporters here. ... Read More »

GST hopes rise but Opposition to corner govt in Parliament

A united opposition is set to corner the government over the issue of intolerance in the Winter Session of Parliament beginning Thursday but the prospects of a thaw on the crucial GST bill brightened with both sides expressing preparedness for discussing it. Opposition is likely to press for a resolution to condemn the alleged rise in intolerance, a demand unlikely ... Read More »